Epiroc AB (EPIAN) Q3 2026 Earnings Report
MX:EPIAN Q3 2026 EPS Results
- Actual EPS
- MXN 3.86
- Consensus EPS
- MXN 4.14
- Beat/Miss
- Missed by -MXN 0.28
- One Year Ago EPS
- MXN 3.23
MX:EPIAN Q3 2026 Revenue Results
- Actual Revenue
- MXN 32.24B
- Expected Revenue
- MXN 33.38B
- Beat/Miss
- Missed by -MXN 1.14B
- YoY Revenue Growth
- +10.06%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
Epiroc AB's next earnings date is estimated for January 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly constructive. Epiroc reported double-digit order growth, higher revenue, significant margin expansion in both business areas, broad mining demand, strong service growth, continued efficiency gains and a healthy project pipeline. These positives were partially offset by lower operating cash flow, higher inventory and working capital, delayed conversion of orders into revenue, weak low-level infrastructure and housing demand, and isolated regional and commodity challenges. Overall, the highlights significantly outweighed the lowlights.
Looking ahead, Epiroc expects mining demand to remain high and demand from infrastructure customers to remain stable; for construction and infrastructure attachments, demand is still on a low level, is somewhat better than some quarters ago, is not taking off in any, let's say, material way, and is expected to continue to be on the level we are at moving forward. The effective tax rate guidance is 22% to 24%, and CapEx is guided to around 2% to 3%. Lead times are somewhere between 6 and 12 months, with 6, 7 months for underground equipment and up to 12 months on surface, real big platform rigs, while the very strong pipeline towards copper is for Q4 and Q1.
- Strong Group Order and Revenue GrowthGroup orders increased 15% on a reported basis and 12% organically to SEK 17.5 billion. Revenues increased 10% to SEK 16.8 billion, corresponding to 7% organic growth.
- Improved Group ProfitabilityAdjusted EBIT increased 18% to SEK 3.4 billion, while the adjusted operating margin improved to 20.4% from 19.0% last year. The improvement was supported by higher volumes and efficiency measures implemented in previous quarters.
- Broad and Healthy Mining DemandMining clearly drove order growth, with strong demand for exploration equipment, underground equipment, digital solutions and services. Management said the demand picture was broader than individual large projects, with a strong pipeline of possible orders.
- Significant Large Equipment OrdersLarge equipment orders totaled SEK 790 million, compared with SEK 470 million last year. This included a SEK 610 million order for an underground mine in Botswana, Epiroc's second-largest order ever.
- Strong Aftermarket and Service PerformanceAftermarket represented 67% of revenues. Service orders grew 13% organically, while service revenues increased 10% organically. Midlife rebuilds and digital solutions for automation and safety were among the strongest-growing parts of the service offering.
- Equipment & Service Profitability ImprovementEquipment & Service orders increased 15% organically and 19% in total, while revenues grew 8% organically. Adjusted EBIT increased 20% to just above SEK 3 billion, and the adjusted margin rose to 23.8% from 21.9% last year. Flow-through was more than 50%, which management described as exceptionally strong.
- Tools & Attachments Growth and Margin ExpansionTools & Attachments orders increased 4% organically to SEK 3.9 billion, driven by mining, while revenues increased 6% organically to SEK 4.0 billion. Adjusted EBIT increased 23% to SEK 531 million, and the adjusted margin improved to 13.2% from 11.6%, the business area's best margin since the beginning of 2024.
- Efficiency Gains and Pricing CompensationManagement said profitability improvements reflected higher volumes and increased efficiency. In Equipment & Service, the improvement was described as primarily pure efficiency gains rather than a mix effect. The company also said it was compensating well for cost increases, although some tariff-related costs remained.
- Production Ramp-Up and Normal Lead TimesLead times remained at normal levels, and production was ramped up according to plan. Management stated that there were no supply-chain bottlenecks and that factory output had increased every month for the last 3 to 4 quarters.
- Manufacturing and Distribution Investments ProgressingEpiroc inaugurated its modernized Kalmar facility in Sweden, reported good progress on expanding manufacturing capabilities in Nashik, India, and continued work on its new distribution center in Orebro, Sweden. The transfer of tools production from Langley, Canada, to Matehuala, Mexico, was proceeding according to plan.
- Expanded Service Presence in South AfricaThe acquisition of Eventspec further strengthened Epiroc's service capability and presence in South Africa.
- Innovation Demonstrating Customer and Safety ValueDuring a mine fire in Mexico's Fresnillo district, Epiroc's situational-awareness technology supported the evacuation of around 350 people, which was completed safely in 35 minutes. The company also highlighted its Yieldpoint digital monitoring solution at a 3,000-year-old tomb in Egypt and its seamless autonomous underground-to-surface haulage technology.
- Continued Workforce ExpansionThe number of employees, including additional workforce, increased 5% during the quarter, corresponding to 1,100 people. The additions were primarily in production, service and logistics to support the higher level of activity.
- Strong Financial Position and Capital EfficiencyNet debt was SEK 11.2 billion, net debt-to-EBITDA decreased to 0.70, and return on capital employed increased to 19.8%, supported by higher operating profit. Management said the company had the financial capacity to invest in growth while maintaining a strong balance sheet.
- Positive Mining OutlookEpiroc expects mining demand to remain high and remains committed to profitable growth. Management said the pipeline toward copper remained very strong for Q4 and Q1, including greenfield projects, expansions of existing mines and fleet replacement, and said the broader mining pipeline was unchanged from six months ago despite somewhat softer gold prices.
- Disciplined Capital Expenditure FrameworkThe company reiterated its capital expenditure guidance of around 2% to 3%.
MX:EPIAN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 26, 2027 | 2026 (Q4) | 4.63- | 3.67 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 4.143.86 | 3.23 | 19.64% (+0.63) | |
| Jul 17, 2026 | 2026 (Q2) | 4.003.90 | 3.52 | 10.69% (+0.38) | |
| Apr 29, 2026 | 2026 (Q1) | 3.533.37 | 3.52 | -4.21% (-0.15) | |
| Jan 26, 2026 | 2025 (Q4) | 3.713.67 | 3.74 | -1.80% (-0.07) | |
| Oct 29, 2025 | 2025 (Q3) | 3.463.23 | 3.47 | -6.93% (-0.24) | |
| Jul 18, 2025 | 2025 (Q2) | 3.593.52 | 3.56 | -0.86% (-0.03) | |
| Apr 29, 2025 | 2025 (Q1) | 3.573.52 | 3.32 | 5.78% (+0.19) | |
| Jan 30, 2025 | 2024 (Q4) | 3.853.74 | 3.58 | 4.29% (+0.15) | |
| Oct 25, 2024 | 2024 (Q3) | 3.683.47 | 3.57 | -2.96% (-0.11) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.